Imax Corporation (IMAX) Receives “Buy” Rating from Piper Jaffray Companies
Imax Corporation (NYSE:IMAX)‘s stock had its “buy” rating restated by Piper Jaffray Companies in a research report issued on Sunday. They currently have a $28.00 target price on the stock. Piper Jaffray Companies’ price target points to a potential upside of 26.98% from the company’s previous close.
Several other equities analysts have also issued reports on the stock. BidaskClub raised shares of Imax Corporation from a “strong sell” rating to a “sell” rating in a report on Thursday. Zacks Investment Research raised shares of Imax Corporation from a “sell” rating to a “hold” rating in a research report on Tuesday, September 12th. Canaccord Genuity set a $33.00 price objective on shares of Imax Corporation and gave the company a “buy” rating in a research report on Friday, August 18th. J P Morgan Chase & Co reaffirmed a “neutral” rating and issued a $27.00 price objective on shares of Imax Corporation in a research report on Thursday, August 3rd. Finally, B. Riley reaffirmed a “buy” rating and issued a $35.00 price objective on shares of Imax Corporation in a research report on Tuesday, August 1st. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating and seven have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $33.50.
Imax Corporation (NYSE:IMAX) opened at 22.05 on Friday. The company has a market capitalization of $1.43 billion, a price-to-earnings ratio of 148.99 and a beta of 0.95. The company has a 50-day moving average price of $19.56 and a 200-day moving average price of $25.96. Imax Corporation has a one year low of $17.58 and a one year high of $35.30.
Imax Corporation (NYSE:IMAX) last announced its quarterly earnings results on Wednesday, July 26th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.02) by $0.17. Imax Corporation had a net margin of 2.81% and a return on equity of 2.39%. The company had revenue of $87.76 million during the quarter, compared to analyst estimates of $89.26 million. During the same quarter in the previous year, the business earned $0.18 EPS. The firm’s revenue was down 4.3% on a year-over-year basis. Equities research analysts anticipate that Imax Corporation will post $0.62 EPS for the current year.
Imax Corporation declared that its Board of Directors has approved a share buyback plan on Monday, June 12th that authorizes the company to repurchase $200.00 million in outstanding shares. This repurchase authorization authorizes the company to reacquire up to 12.5% of its stock through open market purchases. Stock repurchase plans are often an indication that the company’s board believes its shares are undervalued.
In other Imax Corporation news, CFO Patrick Mcclymont sold 1,760 shares of the stock in a transaction that occurred on Wednesday, August 9th. The shares were sold at an average price of $20.50, for a total transaction of $36,080.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Greg Foster sold 9,417 shares of the stock in a transaction that occurred on Tuesday, September 5th. The stock was sold at an average price of $19.55, for a total transaction of $184,102.35. Following the transaction, the chief executive officer now owns 67,018 shares in the company, valued at approximately $1,310,201.90. The disclosure for this sale can be found here. 18.90% of the stock is currently owned by corporate insiders.
Large investors have recently made changes to their positions in the business. Ameritas Investment Partners Inc. acquired a new position in shares of Imax Corporation during the 1st quarter worth approximately $173,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Imax Corporation by 78.9% during the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,774 shares of the company’s stock valued at $156,000 after purchasing an additional 2,546 shares in the last quarter. BNP Paribas Arbitrage SA lifted its position in shares of Imax Corporation by 1,151.0% during the second quarter. BNP Paribas Arbitrage SA now owns 6,818 shares of the company’s stock valued at $150,000 after purchasing an additional 6,273 shares in the last quarter. Seven Eight Capital LP lifted its position in shares of Imax Corporation by 1,115.7% during the second quarter. Seven Eight Capital LP now owns 7,294 shares of the company’s stock valued at $160,000 after purchasing an additional 6,694 shares in the last quarter. Finally, Aperio Group LLC bought a new position in shares of Imax Corporation during the second quarter valued at about $205,000. Hedge funds and other institutional investors own 83.73% of the company’s stock.
Imax Corporation Company Profile
IMAX Corporation is an entertainment technology company. The Company operates through seven segments: IMAX systems; theater system maintenance; joint revenue sharing arrangements; film production and IMAX DMR; film distribution; film post-production, and other. The IMAX systems segment designs, manufactures, sells or leases IMAX theater projection system equipment.
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